Tesla Stock TSLA Closes at Record High as Hedge Funds Boost Stakes Before Battery Day

by Eva Fox August 17, 2020

Tesla Stock TSLA Closes at Record High as Hedge Funds Boost Stakes Before Battery Day

Tesla continues to rally, reaching a new historical high. TSLA shares closed today at $1,835 per share. The company's market capitalization of $341 billion now exceeds Toyota, Volkswagen, and Daimler--combined.

It appears that, in the run-up to Battery Day, analysts are raising their price targets and funds are continuing to buy Tesla shares.

SoftBank Group Corp has created stakes in several firms, including Tesla.

D. E. Shaw & Co., Inc. has filed a 13F-HR form disclosing ownership of 432,637 shares of Tesla with total holdings valued at $467,166,000 as of June 30, 2020. D. E. Shaw & Co., Inc. had filed a previous 13F-HR on May 15, 2020, disclosing 14,909 shares of Tesla at a value of $7,812,000. This represents a change in shares of 2,801.85 percent and a change in the value of 5,880.11 percent during the quarter.

During Q2, T. Rowe Price Associates Inc increased its stake in Tesla by 68% to 545,442 shares.

Renaissance Technologies LLC sold approximately 193,000 Amazon shares and 979,000 Apple shares in the three months prior to June 30th. According to this data, the firm likely earned between $600 million and $900 million based on the trading ranges of two stocks during this period. At the same time, the fund increased its stake in Tesla by 44% to 1,106,906 shares. These data are available via Form 13F, published on August 14, 2020.

Tesla showed strong results in the first half of 2020, further bolstering investor confidence that the company continues to grow rapidly.

Tesla shares are now up 339% this year, partially fueled by growing anticipation that the company will be included in the S&P 500 Index. The carmaker’s plan to split its stock 5-for-1 to make shares more accessible for individual investors is also expected to drive up demand. Tesla was the eighth most popular stock on the Robinhood app on Monday, according to data from Robintrack.net.

The long-awaited Battery Day will be held on September 22, 2020. Tesla is expected to reveal information that will majorly alter the battery industry. The company is currently building a battery production line in Fremont. Giga Berlin will also have a production facility for batteries, which will enable the company to not only produce batteries for its own vehicles, but to potentially supply third parties.

H/T @davidtayar5 / Twitter

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Article edited by @SmokeyShorts, you can follow him on Twitter

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This article is for informational purposes only. You should not construe any such information or other material as an investment, financial, or other advice. Nothing contained in this article constitutes a solicitation, recommendation, endorsement, or offer by Eva Fox, Tesmanian, or any third party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.

Eva Fox holds zero share of Tesla, Inc., and currently (at the time of this article's publishing) holds zero options or securities in Tesla Inc. and/or its affiliates.

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